The Australian dollar dropped today against its major rivals, driven down by poor Australian reports. Sometimes economic data from China, Australia’s biggest trading partner, is able to mitigate impact from domestic data, but that did not happen today, even though China’s services report was decent.
Australian retail sales showed no change in September from August, while analysts had predicted an increase by 0.4%. The Australian Industry Group Australian Performance of Services Index slipped from 52.1 in September to 50.4 in October. Meanwhile, the seasonally adjusted Caixin China General Services Business Activity Index rose from 50.6 to 51.2 in October, exceeding the median forecast of 50.8.
AUD/USD dropped from 0.7713 to 0.7664 as of 10:54 GMT today. EUR/AUD rallied from 1.5108 to 1.5188.
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